Gamma vs ORB

[rene6985]

ORB by Toby Crabel is an old indicator, it is not worthy anymore, why, because you could see now in Gamma volume data if the market will break the opening range or not. For me it is an old stuff when data was not available before and theory was made and become a guide.

 

[Zlotko]

How do you use Gamma volume data?

 

[useThinkScript]

ORB by Toby Crabel is an old indicator, it is not worthy anymore, why, because you could see now in Gamma volume data if the market will break the opening range or not. For me it is an old stuff when data was not available before and theory was made and become a guide.

This is a common misunderstanding among newer traders.
Actually, some of the oldest strategies are still the best precisely because they measure behaviors that never disappear.

Many of the new talking‑head strategies — and the idea of relying only on Gamma volume — push traders into chasing microstructure without any macrostructure framework to anchor their decisions.

That’s backwards.
You always start with macrostructure, then refine with microstructure.
Tools like the Opening Range Breakout define the framework of the day: where the auction first balanced, where liquidity concentrated, and where the market accepted or rejected price.
Only after that structure is mapped does it make sense to layer on microstructure tools like Gamma volume, order flow, or options positioning.

ORB is not “old stuff” — it’s an essential structural map.

 

[merryDay]

How do you use Gamma volume data?

High Gamma Volume (positive gamma environment)

Dealers hedge against price movement.​

This creates mean reversion and suppressed breakouts.​

What you see on your chart:

VWAP magnet​

Tight ranges​

Sizzle Index low​

Volume Profile balanced​

Low Gamma Volume (negative gamma environment)

Dealers hedge with price movement.​

This creates expansion, volatility, and breakout acceleration.​

What you see on your chart:

VWAP deviations hold​

Trend days​

Sizzle Index elevated​

Volume Profile thin above/below​

 

[Zlotko]

How would you structure/ combine your indicators to see all that at once? Do we have one here that would help?

 

[merryDay]

How would you structure/ combine your indicators to see all that at once? Do we have one here that would help?

Your question is essentially:
“Can I combine VWAP, trend, sizzle, and volume‑profile into one signal?”

Unfortunately, no.
There isn’t a single indicator that can compress all four of those into one clean output, because each one describes a different dimension of market behavior:

VWAP magnet → institutional fair value​

Tight ranges → volatility + compression​

Sizzle Index low → options activity + expected movement​

Balanced volume profile → auction structure + acceptance​

These aren’t ingredients for a buy/sell signal.
They’re environmental conditions, and the only way to understand them is to see how they interact together on your ORB chart.

When you view them visually, you’re answering a much bigger question:
“Is the environment supportive of a clean move, or are we stuck in balance?”

That’s the core of microstructure analysis.
It applies to any intraday strategy, with any set of indicators. You’re not looking for a single tool—you’re looking for a read on how these forces line up in real time.

 

[antwerks]

Options volume shows where trades occurred.
Open interest shows where risk remains and where hedging pressure may emerge as price approaches those levels.
For your platform and GEX logic, Volume answers the question, "Did positioning change today?"
OI answers, "Where will positioning matter tomorrow?"
Options volume explains where positioning changed and why a move likely occurred.
Open interest is conditional — it becomes important only when price approaches those strikes, because that is when hedging pressure can be activated.

I tend to use both the volume and open interest, to some degree I think of them as the volume being the "past" and the Open Interest being the "future".

More times than not, Open Interest will fall in a support and resistance zones. In my opinion, you should always mark your GEX levels on your chart, especially the positive and negative transition zones!!!

 

[FellowTrader]

Options volume shows where trades occurred.
Open interest shows where risk remains and where hedging pressure may emerge as price approaches those levels.
For your platform and GEX logic, Volume answers the question, "Did positioning change today?"
OI answers, "Where will positioning matter tomorrow?"
Options volume explains where positioning changed and why a move likely occurred.
Open interest is conditional — it becomes important only when price approaches those strikes, because that is when hedging pressure can be activated.

I tend to use both the volume and open interest, to some degree I think of them as the volume being the "past" and the Open Interest being the "future".

More times than not, Open Interest will fall in a support and resistance zones. In my opinion, you should always mark your GEX levels on your chart, especially the positive and negative transition zones!!!

Great subject, so we have gamma values study for tos, can share?

 

[rad14733]

Great subject, so we have gamma values study for tos, can share?

While there are several topics that cover Gamma Exposure (GEX), none of the indicators are overly accurate and all of them slow TOS performance substantially... I spent several months deep in the GEX rabbit hole, only to find that using values from external sites and manually updating throughout the day has performed much better... I now use a custom Study to draw my GEX levels based on data from gexstream.com as they are more dynamic than the levels that barchart.com provides...

Now, this is just my personal opinion based on ample experience with GEX... That being said, ORB requires practice and may not be suitable for all methods of trading and is best suited for intraday trading...

Do a site search for "GEX" and "Gamma Exposure" to find topics and posts on the subject...